Entrepreneurship has become a popular career choice in recent years as the COVID pandemic has opened American consumers’ eyes to its viability. However, one of the main reasons for the 20 percent failure rate of small businesses in the first year is the lack of a strong business idea to base it on, which inevitably leads to a rapid decline after inception.
Luckily, this article includes 10 of the most lucrative business ideas for aspiring entrepreneurs to start in the US. They have been curated for first time business owners as they do not require significant capital to get started which is why many are online based. Some require specific knowledge or expertise, although this can be learned relatively easily online.
- Social Media Management
In this day and age, a company’s online presence is of paramount importance to its success, not least its survival. Businesses are in a constant battle with each other to increase the reach of their online marketing, hence the popularity of social media accounts for businesses. Of course, these accounts need to be managed, which won’t be high on a busy entrepreneur’s to-do list.
- Web Design Agency
The face of the web design industry has changed irrevocably since the dawn of the internet. At the dawn of the web, building websites was a highly technical task that required a thorough knowledge of technical programming principles. However, with drag-and-drop solutions like SquareSpace and WordPress, anyone can now start building websites. Those with a creative mind and the time to invest the time to understand how these website building platforms work are well suited for a web design career. Starting with a few clients and building outward can become a self-sufficient business surprisingly quickly.
- Dropshipping Business
Dropshipping is a form of e-commerce that has become popular because the seller is not required to stock the products they sell. Instead, all sales orders are passed to a third party who ships the product to the customer. This is an increasingly popular option, offering very lucrative returns for those with a keen eye for what’s selling.
- Fulfillment by Amazon (FBA)
A small business idea for those considering e-commerce is Fulfillment by Amazon (FBA). It is one of the most convenient tools for selling online as it eliminates almost all the hassles of packaging, delivery, payments and returns. As long as the product you want to sell through FBA passes the proprietary quality test, Amazon will package your product and ship it to a customer when an order is placed.
- Affiliate Marketing
Affiliate Marketing is the term used to describe an agreement between an online retailer and a third party whereby the former pays the latter for any traffic/sales generated through referrals. This online business strategy is perfect for those who already have a full-time job and want to supplement their salary with passive income.
- Freelance Writing Business
Perhaps one of the simplest yet most sought-after services you can offer online is freelance writing. Only two things are needed: a laptop and some WiFi. Despite gut feelings, a degree in job-related subjects is not required, especially in the more informal realm of freelance writing.
For this job, it’s especially helpful if you have knowledge or experience of an industry or subject you could write about. For example, someone who has traded cryptocurrency in the past has a wealth of knowledge that they could draw on to write literature on this very popular topic. Since they would have a thorough understanding of this industry, they could clarify some of the more common questions people have about it.
- Cleaning Company
If the idea of doing the dirty work for other people doesn’t sound too bad, a cleaning company could be a good option for you, especially when you consider the low start-up costs and potentially high returns. Very little upfront funding is required, all that is really needed are some basic cleaning equipment and some soap.
Although blogging has been around for a while, it still provides a good source of income for entrepreneurs, but it takes a little effort and research to find a niche in the market that has little competition. This is ideal for those who are already working from home, such as students and stay-at-home parents.
- Virtual Assistant Service
A number of other small businesses need get up and walk assistance, and that’s where you could come in. Busy business owners often don’t mind paying a small fee for this type of assistance, particularly in terms of scheduling appointments and managing emails and answering customer questions.
- Teach a Language Online
With the rise of a number of online platforms and the number of bilinguals in the US, it has never been easier for those who speak more than one language to generate income for teaching. The best thing about a company like this is that you don’t have to be physically present to work, it can be done virtually.
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